Informist, Wednesday, Jun 29, 2022
By Kavita Desai
MUMBAI – Futures contracts of spices ended lower on domestic exchanges today. Prices of chilli were steady in the benchmark market of Guntur, Andhra Pradesh, market participants said.
* Prices of CHILLI remained steady in Guntur today. However, outlook remains firm due to strong bulk demand. Lower crop estimates for the 2021-22 (Jul-Jun) season and lack of premium quality of the spice may also support prices.
* Torrential rains in Andhra Pradesh, Telangana and Karnataka last year damaged the standing crop, leading to a lower yield. The quality of the crop has also been hit due to pest attacks.
* In Guntur, the Teja variety was sold at 22,000 rupees per 100 kg, while the LCA-334 variety was quoted at 24,500 rupees. Today, arrivals were pegged steady at 70,000 bags (1 bag = 40 kg).
* JEERA futures on the National Commodity and Derivatives Exchange closed lower due to profit booking. Jeera prices in Unjha, the benchmark market in Gujarat, extended gains due to strong demand from domestic and overseas buyers and lower arrivals, said Krunal Shah, a local trader.
* Exchange-quality jeera was sold at 21,900-22,000 rupees per 100 kg, up 100 rupees from Tuesday. The arrivals in Unjha were pegged at 5,000 bags (1 bag = 55 kg), compared with 6,000 bags the previous day.
* Lower production estimates in the ongoing 2021-22 (Jul-Jun) season also supported prices. Traders expect jeera production at 5.0-6.0 mln bags (1 bag = 55 kg), compared with 8.0-8.5 mln bags the previous year.
* CORIANDER contracts also fell due to lack of strong demand, said Giriraj Gupta, a Ramganj-based trader.
* Today, in Ramganj, the key trading centre in Rajasthan, the badami variety was sold at 12,500 rupees per 100 kg and the eagle variety at 13,000 rupees, both steady from Tuesday. Arrivals were almost steady at 2,000 bags (1 bag = 45 kg).
* TURMERIC futures closed lower due to lack of spot cues as Telangana’s benchmark Nizamabad market was shut due to Amavasya, said traders.
Following are the prices of the most-active contracts of spices as of 1700 IST:
* Following are the expected support and resistance levels for contracts of spices for trade on Thursday:
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Aditya Sakorkar
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